A lawsuit loan is when a lawsuit financing company offers cash advances against future case proceeds. A plaintiff gets cash now in exchange for money if the case is successful. This post examines the preferences of companies in the pre-settlement loan business for automobile accidents cases.
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Personal injury cases make up the largest portion of lawsuit funding companies' cases.
1. Clear Liability Standards Drivers owe other drivers a duty to care when operating an automobile. Any breach of this duty can result in a claim for negligence. Because it is easy to prove a breach of duty, automobile cases are preferred by lawsuit funding companies. For lawsuit funding underwriters, it is easy to determine liability in auto accidents.
2. Easy Assessment of Damages – Most personal injury cases can be easily calculated. Standard negligence law, as well as most insurance contracts, provides compensation for bodily injury and pain. You can recover specific damages like medical bills.
3. Documented ability to pay – In most jurisdictions, automobile insurance policies must be purchased for all vehicles that use the roads. These contracts include coverage for Bodily Injury as a key provision.
Persons who are injured because of negligence by the insured will be covered under BI. This means that attorneys and lawyers can make sure the plaintiff is compensated for their injuries.
The lawsuit financing business was created primarily to assist people with legitimate claims and those who need financial assistance while they process their claims. Most motor vehicle accident cases involve insurance claims that have not been paid.
Lawsuit cash advance funding can be a great option for plaintiffs who need cash immediately in the form of a litigation loan.